Traditionally, when identifying waiver request it is necessary to contact specific business personnel such as Portfolio Management Team through email as designed per the business procedures. The contacted personnel may then be responsible for either approving or denying the request for the waiver. On approval, the business system may be instructed to place the related account on waiver or alternatively prompted to contact the requesting entity such as the Client Manager in instances where a request has been rejected and the system has taken no action aside from informing the requesting entity of the request denial.
Several challenges exist within the current waiver process. In one aspect, once an account is placed on waiver, it can only be placed back into a payment status in response to the requesting entity sending an additional request for the account to be place back into a payment status. As such, it is a necessity to rely on the requestor to send a second request to place the account back into payment status when the duration of the waiver is over. Current systems and applications do not process the feasibility to automatically change the status of an account from waiver to payment when the duration of the temporary waiver has expired.
Therefore, a need exist for a means to seamlessly track accounts that have been placed on a temporary waiver and automate follow-up procedures with the requesting entities when the duration of the waivers have expired.